Sun Gazette Fairfax Fall Real Estate Guide 2014

2014

G R E A T

SunGazette

F A L L S

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M c L E A N

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O A K T O N

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V I E N N A

McLean Offered at

$3,995,000

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R E A L E S T A T E G U I D E

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October 9, 2014

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Sun Gazette

Bill Detty Bill Detty

Kari Govan Kari Govan

Jenny McClintock Gray McBay

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703-734-0192 w w w. H B C R e a l t y G ro u p . c o m

Serving VA, DC and MD Each Keller Williams Realty office is independently owned and operated.

DAVE FACINOLI Staff Writer

An 11-bedroom, 60,500square-foot mansion in Hillsboro Beach, Fla., modeled after Palace of Versailles, is thought to be the most expensive listing in the U.S. at $139 million.

The 4.4-acre property includes a 30-car garage, a private IMAX movie theater, a $2 million marble staircase and a pool with a doubleloop waterslide.

Listing agent William Pierce of Coldwell Banker Residential Real Estate knows a thing or two about moving such high-end merchandise: He garnered more commission dollars in 2013 than any other Coldwell Banker agent nationally, according to his online biography.

For those tempted to consider the home, remember that today’s low interest rates would make it more affordable than ever. With a 20-percent down payment, the monthly principal and interest payments would amount to a mere $556,000, according to Pierce’s Web site. Property taxes?

They would be about $143,000 per year.

A number of local real-estate professionals were asked by the Sun Gazette if they would want

to be the listing agent on such a property and what challenges it would present.

Here are their thoughts: Joan Stansfield, Keller Williams: “I’d love to be the listing agent. For one, I’m always up for a challenge. Obviously, you’re looking for a niche buyer, someone who has that kind of money, so you’d market it very differently than other lower-priced properties, and it would require more money to market as well as some outside-the-box marketing ideas.

Two, it would be tremendous exposure for you as an agent, and This $139 million property currently is on the market in the Miami area. Photo courtesy Coldwell Banker. your brand, especially if you had a successful transaction.”

Properties: “Absolutely. Bring it union there for the cast from that liams: “A $139 million house is Eric Ritland, American Re- on. If you have a system and the old movie “Where the Boys Are.” not a house for the average buyer alty: “I would love to be the type system works, price range does That could generate a lot of [Baby] and the market for a house like of agent who would be considered not matter. If you don’t feel like Boomers interested and generate a that is pretty small. I would like it for a house like that. Would it be you’re the best person to represent lot of publicity for that home.” and enjoy the challenge of attracta huge headache or could I con- a seller, you should not be in the Karen Close, Century 21: ing the right buyer and getting the tribute toward the sale? The agent business.”

“Put my name on the list. The deal done.” would certainly have to know that Kelly Tierney, Re/Max Dis- price tag of a property should not Craig Mastrangelo, Re/ market well.” tinctive: “Price does not matter. be a consideration. Every house, Max Allegiance: “I believe when Karen Briscoe, Hucka- I’m a Realtor. That’s what I do, so no matter the price, has its sepa- you get into those price points, a by, Briscoe, Conroy Realty I would love to be the listing agent rate challenges. But if the seller listing agent has to be well-defined Group: “Sure, why not? The risk/ on a house like that. I’m sure it and agent fit, that should be the as far as having an idea about buyreward would be worth it and it would be a beautiful house to determining factor.” ers and prospects. For the listing would be exciting. The more ex- show, and it would be a challenge Gloria Adams, TTR Sothe- agent, a lot would depend on the pensive homes take longer to sell to find that buyer.” by’s: “It would be a challenge. That circle of influence you have.” and more time is involved, but you Dean Yeonas, Yeonas and Betsy Twigg, McEnearney house would need a special buyer. would learn a lot. The opportunity Associates: “Yes, I would love to An agent would have to have a list Shafran Real Estate: “As I would would be fantastic.” be an agent for that $139 million of people in that price range.”

Casey Samson, Samson house. I would like to hold a reDawn Wilson, Keller WilContinued on Page 26

October 9, 2014

Realtor Q&A: Would You Take a $139 Million Listing?

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Sun Gazette

October 9, 2014

4

Hey, Call the D.C. Region What You Will, But at Least It Doesn’t Qualify as Among Nation’s ‘Most Boring’ Areas SCOTT McCAFFREY Staff Writer

Snoozertown. Dullsville. Catatonic.

Yes, some communities are more exciting than others, that’s for sure. And while compiling a list of the nation’s most exciting locales can be fun, it’s harder going to attach your name to a list of the “10 Most Boring Cities in America,” but Laura Allan of the Web site Motovoto.com has done just that.

Reactions were swift: While some respondent to its list agreed with individual rankings, there also appeared to be plenty of hurt feelings among those whose community made the ranking.

Many seemed particularly irked with the singling out of Texas communities for inclusion, perhaps no more so than in Lubbock, which ranked first on the Most Boring list, based on both statistical analysis and, while some readers doubted it, first-hand feedback.

Anticipating – and probably relishing – the expected avalanche of “how dare you!” feedback, the Web site’s analysts tried to provide themselves cover: “Before you get all up in arms about this ranking, let’s reassure you of something: We’re not saying any of these places is bad – this is meant to be a bit of lighthearted fun, so try to keep a smile on your face and to not take any of this personally.”

Suuuuure!

Why did Lubbock end up at the top, or perhaps bottom, of the Most Boring ranking?

“The name of our No. 1 city even sounds like the place is lounging around and doing nothing, and that really isn’t far off,” said the analysis, which panned the lack of quality food, lack of culture,

Laredo, Texas, made it onto a list of the nation’s 10 most “boring cities,” but if you like the outdoors, there is plenty to do, like the Rio Fest on the Rio Grande River. Photo courtesy VisitLaredo.com.

low population density and slightly older-than-average demographics.

On the plus side, Lubbock’s nightlife was praised (if being called “middle of the pack” counts as praise), with the analysis noting that the city was home to Texas Tech University and several other institutions of higher learning.

North Las Vegas, Nev., was second on the Most Boring list, despite its proximity to the glitz center of the galaxy.

“Mostly, it’s just kind of a place where people live, and they’re not exactly the party type,” said analysts, pointing to lack of restaurant choices, middling nightlife and limited number of residents in the 18-to-34 age category.

On the other hand, “while they may not be able to have a whole lot of fun in their hometown, [residents] can forage

for excitement in Sin City pretty easily.”

Yes, Virginia, third on the Most Boring list is an Old Dominion entry: Chesapeake. Despite being called “very pretty” and featuring a thriving economy and diverse population, Chesapeake was panned for lack of the arts and nightlife.

“This wasn’t exactly an exciting spot, unless you’re really into swamps, birdwatching or napping,” the analysts said.

Zing!

Rounding out the top 10 Most Boring were Irving, Texas; Fort Wayne, Ind.; Plano, Texas; San Bernardino, Calif.; Stockton, Calif.; Mesa, Ariz.; and Laredo, Texas.

Readers had a mixed reaction in online comments. First, the negative: • “Texan” dismissed the entire endeavor as “made by junk stats and junky

junk – totally uninformed and incorrect.”

• “A Sane Person” derided it as “the dumbest article that’s ever been written.”

• “Brooke” called it “total garbage,” taking exception to its rankings of Lubbock and Plano.

But others found some truth in the rankings: • “Long Tom” said the researchers “nailed it about Lubbock being boring.”

• “Ms. Ticker” said she had lived in Lubbock and “hated every second.”

“If mediocrity makes you happy and content, you’re in the right place,” she wrote.

• “Peter T” noted that “Lubbock deserves the No. 1 spot,” but disputed that Plano and Irving were dull places to be.

ing-cities/7010.

In 2013, the U.S. experienced the lowest population-growth rate since the Depression of the 1930s. Growth stood at 0.8 percent, compared to 5 percent annually during several years in the prosperous 1990s.

“Not only did the [economic] crisis deter job-seeking immigrants from flocking to the U.S., but it also discouraged couples from having children,” Wallethub.com said in its analysis.

While the overall growth rate was negligible, there were shifts within the U.S. Lehigh Acres, Fla., had the largest population growth, at 12.9 percent, while Roswell, Ga., had the largest decline, at 2.8 percent.

(Data take into account cities only, not surrounding metropolitan areas.)

Among the nation’s largest cities, those making the fastest-growing top 10 were Austin; Fort Worth; New Orleans; Denver; San Antonio; Corpus Christi; the District of Columbia; Bakersfield, Calif.; and Oklahoma City. At the bottom of the list were Mesa, Ariz.; Las Vegas; Sacramento; Milwaukee; Tucson; Wichita; Phoenix; Long Beach, Calif.; Indianapolis; and Virginia Beach.

Among middle-sized cities, the top 10 were Irving, Texas; North Charleston, S.C.; East Los Angeles, Calif.; Murfreesboro, Tenn.; San Angelo, Texas; Grand Prairie, Texas; Columbia, Mo.; Charleston, S.C.; Frisco, Texas; and Killeen, Texas. At the bottom were Hampton, Va.; Coral Springs, Fla.; Glendale, Calif; Fort Wayne, Ind.; Miami Gardens, Fla.; Burbank, Calif.; Naperville, Ill.; Vallejo,

Calif.; Henderson, Nev.; and Scottsdale, Ariz.

Among smaller cities, the top 10 were Mission, Texas; Edinburg, Texas; Springdale, Ark.; Pharr, Texas; Concord, N.C.; Greenville, N.C.; Asheville, N.C.; League City, Texas; New Rochelle, N.Y.; and Lynn, Mass.

At the bottom of the list were Skokie, Ill.; Kendall, Fla.; Yorba Linda, Calif.; Macon, Ga.; Nashua, N.H.; Southfield, Mich.; Redding, Calif.; Palatine, Ill.; Lakewood, Calif.; and Fall River, Mass.

Counting the more than 500 cities of all sizes on the list, the District of Columbia ranked 34th; Richmond was 83rd; Norfolk was 138th; Suffolk was 193rd; Roanoke was 261st; Chesapeake was 351st; Virginia Beach was 369th; and Portsmouth was 469th.

Texas Cities Lead Ranking of Fastest Growing in Nation SCOTT McCAFFREY

www.insidenova.com

Staff Writer

Sun Gazette

It was a Texas trifecta: A new survey said the fastest-growing cities in the small-, medium- and large-size categories all can be found in the Lone State State.

Austin ranked highest among the 63 largest U.S. cities, Irving among the 237 next largest and Mission, Texas, among the next 210 largest, according to a survey of data by the Web site Wallethub. com.

The survey analyzed a host of factors, from population growth rate and job growth to household income and poverty levels to compile the ranking, which is available on the Web site at http://wallethub.com/edu/fastest-grow-

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Sun Gazette

October 9, 2014

6

Impressive Vistas, Commitment to Elegance

More Than 8,000 Square Feet of Luxury Found in Great Falls Estate Property

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Featured Property

Sun Gazette

Set high on a hill with scenic vistas in all directions, our featured property is a custom home that offers an elegant and complementary blend of modern and traditional architecture throughout 8,000 square feet of living space on a 1.74-acre lot in Richland Meadows, one of the most sought-after corners of Great Falls.

A strong, dominant curb appeal is our first impression, and as we tour the property, we’ll note the combination of bold and inspirational, all designed to provide a warm welcome home for occupants and a hearty greeting for friends and family.

The property currently is on the market, listed at $1,790,000 by Jan and Dan Laytham and Dianne Van Volkenburg of Long & Foster Real Estate.

We are ushered inside to the soaring, two-story foyer with dramatic, curved staircase and diagonal marble tile showcasing the attention to detail that will follow us from room to room on our exploration.

To our immediate right is the formal living room, large enough to accommodate a holiday gathering and featuring a fireplace and the beauty of natural sunlight streaming in on two sides.

The formal dining room, also large and also featuring a fireplace, is found to the left of the main entryway, with an elegant, laced ceiling adding to the ambiance.

Occupying a strategic position at the rear of the home, the kitchen area is designed to be visually arresting, aesthetically appealing and fully functional, and it succeeds on all counts. Featuring a huge chef’s island, there is copious counter space, top-quality appliances, a morning

area with corner cabinet, two Old World chandeliers, access to the deck and views over the rear yard, and large walk-in pantry area. It is a standout.

We take two steps down from the kitchen as we amble into the family room, with 10-foot ceiling and a marvelous, stone-front fireplace that is flanked by large, Palladian-topped doors leading out to the huge rear deck. A TV wall is yet another bonus of this wonderful, informal space.

Located off the main traffic flow, the library features Williamsburg panels and handsome built-ins, along with a bay window showcasing the rear yard.

Take the main staircase or the rear bonus steps, and we find ourselves on the second level.

Here, one of the main standouts is the master retreat, running along much of the rear of the level. Accessed via doubledoor entry, it features a large bedroom area, sitting room, two walk-in closets, a mirror-lined octagonal dressing area and a grand redesigned bath with a showstopper free-standing tub, separate shower and private water closet.

Three additional bedroom suites can be found here, along with a landing overlooking the foyer below. There also is a cedar-lined sweater closet and, tucked back in its own world, a lovely playroom with three skylights allowing the beauty of natural sunlight to stream in from the heavens above.

You might think there is nowhere further up to go, but there is a surprise in store: A top-floor studio retreat, which also would work well as a fifth bedroom suite. This space features dormer win-

dows, a luxury bath that has been redesigned to include an expanded shower, and a large walk-in closet. There also is attic storage.

The amenities continue on the walkout lower level, where a huge (38x17) recreation room with Hunt Country brick fireplace and built-in shelving is just the start.

You will also find a lounge area with elaborate wet bar on this level, along with an exercise room and the home’s sixth bedroom – designed to work well as an au-pair suite or an in-law apartment.

There also is plentiful storage space on this level.

The exterior is a delight, one that offers opportunities galore for expansion.

There is room for a large patio and even a swimming pool, should the mood strike, as well as the opportunity to create a world-class garden area or even a party pavilion.

Set back in an enclave of serenity, yet offering easy access to commuter routes, our featured property is a testament to excellent taste and outstanding design.

Well worthy of consideration.

Articles are prepared by the Sun Gazette’s real estate advertising department on behalf of clients.

For information on the home, contact the listing agent. For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (703) 738-2520.

Facts for buyers

Address: 11144 Rich Meadow Drive, Great Falls (22066).

Listed at: $1,790,000 by Jan & Dan Laytham, Dianne Van Volkenburg, Long & Foster Real Estate (703) 7573222.

Schools: Forestville Elementary, Cooper Middle, Langley High School.

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Sun Gazette

October 9, 2014

8

Realtor Q&A: Do Redskins Games Impact Open Houses?

DAVE FACINOLI Staff Writer

Most real estate open houses are held Sunday afternoons. Local real-estate pros were asked by the Sun Gazette if it makes sense to still hold open houses at that time during the football season, when the Washington Redskins and many of the other National Football League teams are playing.

Here are their thoughts on how NFL games impact open houses: Dee Murphy, Long & Foster: “It’s a real phenomenon because Redskins fans are die-hard.

During RGIII’s first season when the team was winning, open houses were a ghost yard. The way I counter it is I put out snacks and advertise and invite people to come and stay a while and watch the game on the flat-screen TV in the home’s media center or family room. You can turn that into a selling point. It can be a practice to see if a buyer likes the house.”

Joan Stansfield, Keller Williams: “When we host opens during football games, we make a point to invite neighbors (in particular), as well as our huge socialmedia blasts to advertise and let them know we’ll have the game on so they can see the home, grab a beer and not miss the game. This

typically results in a great turnout.

It generates a buzz for the listing, and we all know neighbors are often the best people to market. Since our area is so transient, there are lots of Giants, Cowboys, Ravens fans, and others. So if the Redskins are playing, many in our area don’t care- and we still get great traffic.”

Eric Ritland, American Realty: “Sometimes a lot depends on the bigger games. They can have more of an effect. But sometimes the people who show up during those times are the more serious buyers. I don’t like to, but sometimes to avoid that situation I have switched an open house to Saturday. You certainly don’t want to hold an open house on Super Bowl Sunday.”

Karen Briscoe, Huckaby, Briscoe, Conroy Realty Group: “It can go both ways. A lot of people don’t watch football. A lot of things go into Sunday traffic at open houses. But we hold open houses and don’t try to analyze it, because it only takes one buyer or the right buyer to show up.”

Casey Samson, Samson Properties: “Real buyers come during Redskin games, snow, sleet and hail. I had 70 visitors come to an open house in the pouring rain, held an open house on both July

5 and the Sunday after Christmas.

The only no-go days in my book are Mother’s Day and Memorial Day. Everything else is “open” season. To clarify, open-house traffic is made up of neighbors, professional open-house visitors, lookers and real buyers. The traffic may be down for everyone else, but real buyers, the only important visitors, are unfazed by outside influences.”

Karen Close, Century 21: “Maybe it does, maybe it doesn’t.

The Realtor and public perception is that it probably does, but I don’t know how you would do a poll or something to find that out.

I do know sometimes agents will make adjustments to stay longer if someone wants to run in after a game at the last minute. But if people are serious buyers, that shouldn’t be an issue.”

Kelly Tierney, Re/Max Distinctive: “It does affect the flow.

But after their last game [a lopsided loss to the New York Giants] that’s probably not going to be a problem. Often I will have the game playing on TV at the open house to encourage people to stay around a while and watch.”

Rob Ferguson, Re/Max Allegiance: “The last time the Redskins were really good was in the ’90s, so we definitely saw a

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drop-off back then. Now, so many fans are more apathetic about the team, or they can pause or video the game and watch it later, that I don’t see any drop-off.”

Betsy Twigg, McEnearney Associates: “During Washington’s games, I do hold open houses and they do have a slight effect. But those buyers might not be the real motivated buyers, anyhow. I only want motivated buyers.”

Gloria Adams, TTR Sotheby’s: “If the Redskins are having a winning season, open houses are generally affected, for sure. If they are having a losing season, people show up. A good idea around that is having an open house on Saturday.”

Dean Yeonas, Yeonas and Shafran Real Estate: “Yes, there is an incremental drop-off, but the more motivated buyers will still get out. It’s not a reason not to hold an open house during a Redskins game. That might be different if it was big playoff game.”

Dawn Wilson, Keller Williams: “I do think it decreases the traffic. So we try to be creative and hold them at different times, like for a brunch, in the evenings or Saturdays to help avoid that situation.”

Craig Mastrangelo, Re/

Max Allegiance: “I think there is a Redskins effect, but more on Sundays when they play a division rival like the Cowboys or Eagles.

But those really interested buyers have probably already seen the property well before the open house.”

Laurie Mensing, Long & Foster: “It can be an absolute crapshoot, but the Redskins’ playing can definitely affect openhouse traffic. But it does not affect the serious buyer. Still, you hold your open house regardless.”

Billy Buck, Buck & Associates: “I think it has an effect on the quality of people at open houses. People who are indeed serious buyers will show up, come at halftime, or at least a husband or a wife will show up. But those games should never be a reason to cancel or change an open house.”

Jack Shafran, Yeonas and Shafran Real Estate: “Typically, when the Redskins are doing well, the traffic flow is lighter because people have parties or plan their days around the game. But come midseason when they aren’t doing well, it’s not a factor. But real serious buyers will DVR the game and watch it later. I try to keep the game on TV at open houses.

Continued on Page 26

Upper Brackets- $2 million range Shirley Buford and Associates presents “La Castelle” another custom home by Zadrima Builders.

This 7000 square foot luxury home boast 6 bedrooms, 6.5 baths, 3 car side load garage, 3 finished levels and more. One acre private lot is prominently sited overlooking the exclusive Windsong neighborhood.

There’s still time for the buyer to make final selections for a November/December delivery.

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3008 Westhurst Lane

Sun Gazette

Shirley Buford

Long & Foster Real Estate Cell: 571-238-7800 www.shirleybuford.com

Corbett Buford

Long & Foster Real Estate Direct: 703-244-8882 Corbett@teambuford.com

PHOTO IS FROM SIMILIAR HOME BY THE BUILDER; ZADRIMA BUILDERS

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October 9, 2014

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October 9, 2014

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Sun Gazette

October 9, 2014

12

Survey Shows Who Is Moving to Virginia, Who Is Leaving An estimated 236,420 Virginians moved out of state between 2012 and 2013, while 266,348 moved in from elsewhere, according to new figures from the U.S. Census Bureau.

The figures come from state-to-state migration tabled reported through the Census Bureau’s American Community Survey. Figures are based on surveys of a sampling of the U.S. population, and count the movement of residents ages 1 year and older.

Of Virginia’s estimated population of 8.16 million in 2013, 84.2 percent of residents lived in the same dwelling they had occupied in 2012; 11.8 percent moved within the commonwealth; and 3.3 percent moved in from a different state.

Where did the new Virginians come from? Among the states with the largest number of residents moving to the commonwealth were Maryland (an estimated 29,736), Florida (23,161), North

Carolina (22,524), California (16,513), New York (14,647) and Pennsylvania (13,613).

Georgia and Texas also saw more than 10,000 residents decamp to Virginia, while on the other end of the scale, the estimate for South Dakota was just 88 residents moving to the commonwealth.

An estimated 60,331 new arrivals to Virginia came from overseas, according to the figures.

Of those who left Virginia for other locales, North Carolina saw the biggest migration, at 30,058, followed by Maryland (24,308), Florida (18,132), Texas (14,313), California (12,810) and New York (11,810).

The Census Bureau began asking questions about migration in 1940, using five-year intervals. In more recent years, the question has been asked annually. Full figures can be found at www. census.gov.

Sales were down but average and median sales prices were higher in August compared to a year before, as inventory continues to build across the Northern Virginia homes market.

Sales last month totaled 1,804, according to figures reported Sept. 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service.

That’s down 12.1 percent from the 2,052 transactions reported a year before.

Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.

The average sales price of $562,499 was up 5.5 percent from a year before, with increases posted in all three segments of the market: • The average sales price of singlefamily homes was $737,555, up 4.4 percent.

• The average price of attached homes, such as rowhouses and townhouses, was $408,253, up 4.8 percent.

• The average price of condominiums was $344,598, up 7.3 percent.

The median sales price of all homes that went to closing in August was $480,000, up from $470,000 a year before. The median is the point at which half of homes sell for more, half for less.

There were 140 transactions of $1 million or more.

Adding it all up, sales volume across Northern Virginia for the month totaled $1.015 billion, down 7.3 percent from the $1.094 billion a year ago.

Conventional mortgages represented the method of financing transactions in 1,193 cases, followed by VA-backed loans (233) and cash (225).

Homes that sold during the month spent an average of 42 days on the market between listing and ratified sales

contract, compared to 29 days for homes that sold in August 2013. Homes garnered 97.1 percent of listing price, down from 98.2 percent a year before.

Inventory – which a year ago was being decried as too low – these days is considered as high, particularly as the market is transitioning out of its summer activity toward the more mellow pace of autumn.

A total of 4,988 properties were on the market at the end of the month, up nearly 51 percent from the 3,305 properties available a year ago.

Where is the market headed? The doldrums appear likely to continue, as the number of pending sales and homes going under contract in August were lower than at this point in 2013.

Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.

D.C., Inner Core See Sales Down, Prices Up: “Lackluster” is the word used by analysts at the Center for Regional Analysis at George Mason University to describe the real estate market in Washington and its inner core in August.

The numbers back up that assessment: Sales for the month were down 9.4 percent from a year before, it took longer for homes to sell, and properties garnered less, compared to original listing price, than they did a year ago.

And inventory is still high: With more than 11,000 properties on the market as summer turns to autumn, it stands at about 35 percent higher than a year ago.

The figures represent sales in the District of Columbia; Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and the counties of Montgomery and Prince George’s in Maryland.

Sales for September stood at 4,189, down from 4,621 a year before, according to figures reported Sept. 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service. September marks the eighth consecutive month of year-over-year declines, and all three segments of the market (singlefamily, attached and condominium) posted drops from a year before.

The average sales price of $503,654 in August was up 2.7 percent from the $490,385 of a year before, and was higher in all three segments of the market: • The average sales price for singlefamily homes was $606,349, up 1.6 percent.

• The average price for attached homes, such as townhouses and rowhouses, was $408,210, up 2.8 percent.

• The average price for condominiums was $354,231, up 3.8 percent.

The median sales price for all homes that sold during the month was unchanged at $415,000. The median is the point at which half of homes sell for more, half for less.

There were 284 transactions of more than $1 million.

Total sales volume for the month was $2.109 billion, down 6.9 percent from $2.27 billion a year before.

Homes that sold during the month spent an average of 43 days between listing and ratified sales contract, compared to 37 days for homes that went to closing in August 2013. They garnered 97.3 percent of listing price, down from 98.2 percent.

Conventional mortgages were the method of financing the transactions in 2,517 cases, followed by cash (645), FHA-backed loans (529) and VA-backed mortgage (383).

The lack of available inventory for much of 2013 gave the upper hand to sellers, but the situation in recent months has reversed itself. At the end of August, there were 11,177 properties on the market, up 34.7 percent from a year before.

Inventory was the highest for an August since 2011. (Some good news: Active listings remain more than 56 percent below their 2007 peak as the recession began to kick in.)

With both homes going under contract and pending sales lower in August compared to a year before, the market softness is unlikely to firm up in the immediate future.

Figures represent most, but not all, homes on the market.

All figures are preliminary, and are subject to revision.

Sales Down, Average Home Prices Up Across N.Va. in August

www.chrisfraleyhomes.com FOR SALE - REDUCED

FOR SALE - REDUCED

Club View Drive • Great Falls, Virginia $1,099,000

946 Hickory Run Lane • Great Falls, VA • $6,990,000

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PUBLISHER’S NOTICE

EHO

Chris Fraley www.insidenova.com

LUXURY HOME SPECIALIST

Sun Gazette

Direct: 703.217.7600 chrisfraleyhomes@gmail.com

Evan H. Dockser, ASSOCIATE AGENT LICENSED IN DC/VA

Phone: 301.332.8300 evandockser@gmail.com

6820 Elm Street. McLean, Virginia 22101 Each office is independently owned and operated.

We are pledged to the letter and spirit of Virginia’s policy for achieving equal housing opportunity throughout the Commonwealth. We encourage and support advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, national origin, sex, elderliness, familial status or handicap.

All real estate advertised herein is subject to Virginia’s fair housing law which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, national origin, sex, elderliness, familial status or handicap or intention to make any such preference, limitation, or discrimination.”

This newspaper will not knowingly accept advertising for real estate that violates the fair housing law. Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. For more information or to file a housing complaint call the Virginia Fair Housing Office at (804) 367-9753. Email: fairhousing@dpor.virginia.gov.

Web site: www.fairhousing.vipnet.org

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VIENNA COLONIAL — 1518 Tuba Ct Spacious light-filled 5 bedroom, 3 1/2 bath home on 1/2 acre.

Three fully finished levels with generous room sizes. Kitchen with S/S appliances and corian countertops. Gleaming hardwood floors. Cozy Barbara Ann main level family room Farmer with fireplace. Private ABR, GRI deck overlooking lovely natural views. McLean High School pyramid.

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Hurry! Amazing Curb Appeal * Lovingly maintained center-hall colonial with FIVE bedrooms on upper level * Spacious updated Kitchen / Breakfast room BarB BuBel overlooks backyard oasis NVAR Multi-Million Dollar Club * Hardwoods on 2 levels * LIfe Member Top 5% of Realtors Nationwide Huge renovated walk- out lower level with 20” X 20” 703-827-BARB ceramic tile & recessed lighting - 3 1/2 Remodeled Baths * Garage * ONLY 1.1mi. to Silver Line/McLean Station Metro * Close to McLean 703-966-8675 houses@bubel.com High School * TRULY A PLACE TO CALL HOME...

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Light-filled living rm w/ brick fireplace, separate Dining room with built-in china cupboard, & cozy eat-in Kitchen w/granite & stainless steel appliances. Hardwood floors. Recent upgrades incl: roof, Maria Winters HVAC, driveway, HWH, Realtor® & more. Full 1025 sq ft basement w/fireplace & outside exit for you to finish your way. Near commuter bus. Directions: Route 7 West to Hamilton exit, turn right onto Hamilton Station Road, right on E. Colonial Hwy (Business Rte 7), left on S. mariawinters@mris.com St. Paul Street, right onto Curry Springs Place to 583 on the right.

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Sun Gazette

17 15 October 9, 2014

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October 9, 2014

16

French Chateau Shines in Astounding Locale ‘Belle Demeure’ Celebrates Exceptional, Creative Design Near Potomac River

www.insidenova.com

Featured Property

Sun Gazette

Completed late in 2013 after three years of meticulous work, our featured property - Belle Demeure - was modeled on the chateaus of the Loire Valley and specifically the acclaimed Chateau de Chambord.

The design team of James McDonald Associate Architects and builder Patrick Latessa of Galileo Group, joined

by Charles Owens of Fine Landscapes and Arlene Critzos of Interior Concepts, have worked their magic on a home in a sought-after McLean enclave that showcases more than 14,000 square feet of space yet retains intimate areas and a sense of serenity as it combines medieval and Renaissance influences with thoroughly modern amenities, just steps to the Potomac River.

The property currently is on the market, listed at $12.9 million by Michael Anastasia, Deborah Shapiro and Stephanie White of TTR Sotheby’s International Realty.

The exceptional entryway with fountain is our first impression of the strong and appealing exterior, with Montana limestone on the home and Turkish Travertine walkways and patios coupled with custom iron balconies.

Once inside the foyer, the Italian marble flooring invites guests to take in the home’s beauty at our first stop, the 27-foot domed ceiling and chandelier and the Giallo Reale marble staircase.

The formal living room features a wood-burning/gas limestone fireplace, with plaster crown moulding and branchinspired detailing that will awe first-time visitors and family members alike.

In the formal dining room, there is another classic fireplace, space to entertain a gathering and a one-of-a-kind, handcrafted chandelier.

The kitchen celebrates Old World charm with Wood-Mode cabinetry in three finishes, while modern amenities make this space both aesthetically arresting and fully versatile for the most serious chefs among us. There is an adjoining hearth room with the same finishes and reclaimed beams as in the kitchen, along with a limestone-inset fireplace and large, iron light fixture. From the breakfast area, there is access to one of multiple terraces overlooking the rear domains.

The step-down family room features plaster walls and ceiling with reclaimed beams, along with stone-wall accents and an iron chandelier. There also is an oversized fireplace with custom door, built-in

entertainment cabinet and a state-of-theart entertainment area. From the family room, you have access to the covered porch and an outdoor-dining area with its own kitchen.

His-and-hers offices are a treat, one of them centered around the front turret and offering a sitting room with inset fireplace, the other featuring a custom ceiling treatment, its own fireplace and an aviary theme with birdcage chandelier and stylish detailing.

Take either of the two staircases or the home elevator and meet us on the second level, with our first stop the luxurious master retreat. Here you will find a sumptuous bedroom area with fireplace, a sitting area in the turret, two large dressing areas and a showplace master bath with every amenity that might be desired.

The second level is home to three additional bedroom suites, along with a loft space (featuring a wet bar and its own bath). Laundry facilities can be found on this level, and you also can overlook both the foyer below and the rear yard from the gallery area.

The highlights, and surprises, continue as we move to the lower level, which adds another 4,100 square feet of living space to your disposal.

The welcoming recreation room fea-

tures yet another fireplace, and leads to the card room/bonus area with custom cherry cabinetry. The large billiard room with its stylish chandelier is a delight, as is the media room.

Perhaps our favorite area of the lower level is the wine grotto, with a marvelous horizontal wine-storage area.

A guest suite can be found on this level, with an oversized shower and separate sitting area. There also is a home gym with mirrored walls, and the nearby spa bathroom features a Rainforest Green marble steam shower with Native Earth Pebble Blend flooring, walnut Traverine honed flooring and twin oil-rubbed bronze sinks with woodsy-inspired fixtures.

The commitment to high-tech wizardry is controlled via the equipment room, housing 17 miles of wires for the whole-house Smart Touch automation and sound system and automatic room lights.

To accommodate a gatehring, there are two motor-court areas accessed via the winding driveway, along with a twocar garage attached to the home, complemented by a detached three-car garage.

The rear of the home features the incredible pool and spa area, along with a verdant patio and the aforementioned

outdoor-dining area. All this, and there remains plentiful open space throughout the 2-acre property.

“Belle Demeure” translates as “Beautiful Dwelling,” and this estate would be equally described as a testament to exceptional design and the collaborative process. From the home to the grounds and its interior spaces, nothing was left to chance, and the result is a masterpiece amid rolling acreage – a slice of the countryside in close-in McLean.

Articles are prepared by the Sun Gazette’s real estate advertising department on behalf of clients.

For information on the home, contact the listing agent. For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (703) 738-2520.

Facts for buyers

Address: 801 Turkey Run Road, McLean (22101) Listed at: $12.9 million by Michael Anastasia, Deborah Shapiro and Stephanie White, TTR Sotheby’s International Realty (703) 679-7808.

Schools: Churchill Road Elementary, Cooper Middle, Langley High School.

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Sun Gazette

October 9, 2014

18

International Buyers Are Still Finding U.S. Attractive – Chinese Investors Are Continuing to Flex Muscles Favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers to the U.S. to purchase properties and make real estate investments.

According to the National Association of Realtors®2014 Profile of International Home Buying Activity , for the period April 2013 through March 2014, total international sales have been estimated at $92.2 billion, an increase from the previous period’s level of $68.2 billion.

“We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are,” said NAR President Steve Brown, co-owner of Irongate, Inc. Realtors® in Dayton, Ohio.

“Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.”

International buyers and recent immigrants purchased homes throughout the country, but four states accounted for

55 percent of the total reported purchases – Florida, California, Arizona, and Texas. Florida remains the destination of choice, claiming a 23 percent share of all foreign purchases.

California comes in second with 14 percent, Texas with 12 percent and Arizona with 6 percent.

According to Realtor.com, the top five cities searched online by international buyers in 2014 were Los Angeles, Miami, Las Vegas, Orlando and New York City.

Foreign buyers take many factors into consideration when deciding where to purchase abroad, such as proximity to their home country, the presence of relatives and friends, job and educational opportunities, and climate and location.

European buyers are generally attracted to states with warmer climates such as Florida and Arizona while the West Coast tends to attract Asian purchasers. Indian buyers tend to gravitate towards states that are home to large information technology companies, such as California, New York and North Carolina. Within markets in an

Y DA N SU PM N 4 PE 1-

individual state, it is not unusual to find concentrations of people grouped by nationality, possibly indicating that wordof-mouth and shared experiences influence purchases.

Twenty-eight percent of Realtors reported working with international clients this year.

International sales tend to be handled by specialists and only 4 percent of those who reported having an international client saw 11 or more international transactions in a year.

Of those who reported having an international client, approximately 54 percent reported that international transactions accounted for 1 to 10 percent of their total transactions, a decrease from 2013 but still in line with past years’ levels.

International buyers are more likely to make all-cash purchases when compared to domestic buyers.

In 2014, nearly 60 percent of reported international transactions were all cash, compared to only one-third of domestic purchases.

Mortgage financing tends to be a major problem for inter-

Vienna

national clients due to a lack of a U.S. based credit history, lack of a Social Security number, difficulties in documenting mortgage requirements and financial profiles that differ from those normally received by financial institutions from domestic residents.

Most homes purchased by foreign buyers, about 42 percent, are used as a primary residence. Non-resident foreigners are limited to 6-month stays in the U.S., so these buyers largely use the property for vacation or rental purposes or as an investment. Approximately 65 percent of purchases involved a single-family home.

Nearly half of international clients preferred properties in a suburban area, about a quarter preferred a central city or urban area, and about 13 percent choose to purchase in a resort area.

International buyers come from all over the world, but Canada, China (The People’s Republic of China, Hong Kong and Taiwan), Mexico, India and the U.K. accounted for approximately 54 percent of all reported international transactions.

Canada maintained the largest share of purchases, dropping from 23 percent in 2013 to 19 percent in 2014; however, China held the lead in dollar volume, purchasing an estimated $22 billion with an average sale cost of $590,826.

China was also the fastest growing source of transactions, now accounting for 16 percent of all purchases, up 4 percent from last year. Mexico ranked third with 9 percent of sales and India and the U.K. both accounted for 5 percent.

“Foreign buyers who choose to work with a Realtor have a substantial advantage,” said Brown. “Realtors who have completed the Certified International Property Specialist designation have received specialized training and are prepared to help clients with the unique difficulties of being an international buyer. CIPS designees understand the challenges buyers face when purchasing property in the U.S., and have the experience and expertise to help them navigate the complex, time-consuming and overwhelming world of international real estate.”

McLean House

6800 Fleetwood Road, McLean, VA 22101

$849,000

O

SILVER LINE

CENTRAL LOCATION in McLean, 1 1/2 mi. from Silver Line metro w/ bus service at bldg., easy access to Nat’l and Dulles Airports. 2 Bdrm/2 full Bath, lots of quality renovations; beautiful electric fireplace w/ custom mantle, travertine tile flooring throughout living/dining, kitchen and hall. Balcony at treetop level, views sunsets.

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www.insidenova.com

Angelica Woods

Sun Gazette

703-231-7234 sandra.stevens7@verizon.net

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Renovated home on a private, wooded acre and a half lot with a Zen quality. Deceptively large with Miele/Bosch kitchen, Waterworks bathrooms, huge family room opening to appealing deck. Lower level rec room, bedroom den and bath plus two car garage. Wood floors, two fireplaces, many thoughtful updates and details.

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19

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882 Chinquapin Rd. McLean 22102

Extraordinary sound investment. Nearly 2 acres, 5bdrms, 4fbs, 3hbs, cook’s delight w/Gourmet Kit., quiet cul-de-sac. Owner asks for all offers!!!

We have SOLD most of our listings and need more to work on!

SOLD

SOLD

SOLD

SOLD

SOLD

CASH SALE

BROUGHT BUYER

Listing Price $2,250,000

Listing Price $869,000

Listing Price $869,000

Listing Price $3,850-Rented 1305 Macbeth St. McLean 22102

3419 Miller Heights Rd. Oakton 22124

SOLD

SOLD

SOLD

SOLD

SOLD

Listing Price $1,099,900

Listing Price $1,449,000

Listing Price $1,290,000

7570 Potomac Fall Rd. McLean 22102

6748 Baron Rd. McLean 22101

1208 Pine Hill Rd. McLean 22101

Listing Price $925,000

BROUGHT BUYER

Listing Price $929,900

Listing Price $900,000

1300 Capulet Ct., McLean 22102

9245 Wood Glade Dr. Great Falls 22066

SOLD

SOLD

7720 Bridle Path La., McLean 22102

1246 Daleview Dr. McLean 22102

1004 Abbey Way, McLean 22101

SOLD TEAR DOWN

Listing Price $395,000

Listing Price $850,000

1313 Dolley Madison Blvd., McLean, VA 22101 Listing Price $1,195,000 1728 Court Petit, McLean 22101

Listing Price $799,000

3417 Arnold La., Falls Church 22042

2230 George C Marshall Dr. Unit 423 Falls Church 22043

1335 Gunnell Ct. McLean 22102

www.insidenova.com

BROUGHT BUYER

Sun Gazette

October 9, 2014

20

New-Home Construction Not Enough to Meet Demand New home construction activity is currently insufficient in most of the U.S., and some states could face persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation, according to new analysis by the National Association of Realtors.

The labor market, which is a key to overall economic health, has recovered all of the eight million jobs lost since the recession. NAR measured whether new home construction has kept up with job creation to determine the impact of construction on housing supply.

The findings reveal that new home construction is underperforming in 32 states and the District of Columbia.

Lawrence Yun, the National Association of Realtors’ chief

economist, says there’s a strong relationship between new jobs and an increase in demand for housing.

“Historically, there’s one new home construction for every one-and-a-half new jobs,” he said. “Our analysis found that a majority of states are constructing too few homes in relation to local job market conditions.

This lack of construction has hamstrung supply and slowed home sales.”

NAR analyzed jobs created in every state and the District of Columbia over a three-year period ending in the first quarter of 2014 relative to new singlefamily housing starts over the same period. Indicating lagging new home construction, 33 states (including the District of Columbia) have a ratio greater than 1.5 – the long-term aver-

age. The full graph and analysis can be seen here.

The disparity was the greatest in Florida, Utah, California, Montana and Indiana, where job creation has been particularly strong. Yun cautions that these states could face persistent housing shortages and affordability issues unless housing starts increase to match local job gains.

“A persistent lag in new home construction will lead to faster home price growth, which will negatively impact housing affordability,” said Yun. Realtors’ home price growth expectations in the first quarter of 20141 was generally strongest in states facing housing shortage conditions. Lack of inventory has pushed prices up and put pressure on affordability – especially for first-time

home buyers.

“Realtors have an intuitive sense of how fast prices are likely to rise from on-the-field observations,” said Yun. “Their price outlook largely shows gains to be the strongest in states with slow home construction in relation to job growth.”

On the contrary, home-price growth looks to be manageable in states with strong job gains and near commensurate increases in new home construction.

Housing starts are seen as more than adequate to local job growth in Mississippi, Arkansas, Connecticut, Alabama and Vermont.

Inventory of homes sale and new construction drives supply.

Although the number of existing-homes for sale increased in April, it remains historically-

low, averaging six months or less for 20 consecutive months.

Looking ahead, Yun says homebuilders will have to produce amidst the current challenges facing the building market.

Limited access to credit for smaller builders, rising construction costs, concerns about the re-emergence of entry-level consumers to the market in the face of student debt and a tight credit box, and the general decline in affordability and purchase power over the last year is causing builder hesitation.

“It’s critical to increase housing starts in these states facing shortage conditions or else prospective buyers may struggle with options and affordability if income growth cannot compensate for rising home prices,” said Yun.

Realtor leaders in late July heard from the nation’s foremost experts on environmental risk management during the National Association of Realtors’ first environmental summit.

The slate of distinguished speakers included Dan Glickman, who served as the Secre-

tary of Agriculture under President Clinton, and Tom Ridge, first Secretary of U.S. Department of Homeland Security, former governor of Pennsylvania, president and CEO of Ridge Global and partner at Ridge-Schmidt Cyber.

“Dramatic changes in our environment will have an im-

pact on how and where people want to live, which will inevitably transform local real estate markets. This summit is an opportunity for Realtors to assess and prioritize the wide variety of environmental risks that could affect the way people buy and sell property,” said NAR president Steve Brown, co-

owner of Irongate, Inc. Realtors in Dayton, Ohio, at the summit got underway.

Home buyers are already showing sensitivity to the larger environment. Consumer preferences for walkable communities and energy-efficient homes are on the rise, according to NAR research, which

also shows a considerable and growing market for green buildings.

The National Association of Realtors created the Green REsource Council in 2008 to educate Realtors about green industry standards and developing their own green business practices.

Realtors Listening to Risks Associated with Environmental Issues

Rt. 122, Franklin County, Virginia

Buck and Associates 2519 Wilson Blvd., Arlington, VA 22201

REAL ESTATE AUCTION

www.3930group.com

Friday, October 24, 1:00 PM

Sale Held at Smith Mtn. Lake YMCA

Ready to Deliver All of Your Real Estate Goals Linda and Sam Wardle

Sun Gazette

This auction offers 42.45± acres of gently rolling open and wooded land with mountain views in a rapidly developing area near Smith Mountain Lake. The property is located on Booker T Washington Highway adjacent to Grand Home Furnishings and on the opposite side of Rt. 122 from the Westlake Towne Center and the Booker T Washington National Monument. Great visibility. Average daily traffic count (2012): 9,400. Road frontage: 1,137± feet. Franklin County Tax Map Parcel 0300000102. Tax assessed value: $2,122,500. Zoning: B-2. 5% Buyer’s Premium.

Contact Jonna McGraw

VA# 321

www.insidenova.com

42± Acres Prime Development Land

(540) 342-3560 (800) 551-3588 woltz.com

Sun Newspapers

(VA# 2434).

Previews: Friday, October 10 and Friday, October 17 from 1 – 3 PM

Selling | Buying | Investing | Leasing Staging | Advising on Home Improvements At 3930 Group we believe in being trusted, dedicated, and professional real estate advisers not salespeople. Therefore, our highest priority will always remain serving as committed fiduciaries to our clients. We look forward to showing you why we are consistently among the best in the business.

For a complimentary Home Valuation or Buyer Counseling Session, Contact Us Today!

Sam Wardle REALTOR®

Linda Wardle REALTOR® Linda@3930group.com 703.598.7943

Sam@3930group.com 703.296.5255

Licensed in VA

Licensed in VA

21

$1,292,000

G TIN S I L

W NE

FALLS CHURCH

W NE

Fabulous Quiet and Private Cul-de-sac in the Heart of Oakton. Sunny open floorplan with large family room off kitchen. Terrific Sunroom and fun gazebo off deck overlooking trees. Rec Room with walk-out to relaxing rear yard!

W NE

$520,721

W NE

LISA DECARLO 571-239-8690

G TIN S I L

ALEXANDRIA

CAROL TEMPLE 571-451-1320

$449,000

FAIRFAX

Lovely 3 bedroom, 3 full and 1 half bath, brick front townhome in Loudoun Valley Estates. This home features a 2-car garage, finished walk out basement, large family room with fireplace, and more. Please call for more info.

G TIN S I L

ASHBURN

W NE

G TIN S I L

NESHA KHARGIE 703-867-0259 www.cbmove.com/LO8445114 ARLINGTON

$389,000 Quiet soughtafter end unit in the heart of Courthouse! 1BR with 1.5 BA. Open interior with plenty of natural light. Updated kitchen w granite counters and SS appliances.

W NE

Bright & spacious 2bed / 2bath condo w/ beautiful hardwoods in Old Town Greens.

Custom cabinets & granite in kitchen.

Private garage & balcony. Brand new paint throughoutmove in ready! Blocks to neighborhood restaurants & just minutes to Old Town.

MICHAEL HULING 703-409-8296 www.cbmove.com/FX8465605

W NE

TIM LANDIS 571-451-1312

VIENNA

$405,000 3BR, 2 BA condo hardwood floors - new double pane tilt & clean windows, renovated kitchen and baths. Gated community with undercover parking space. 1 block from Silver Line Metro.

G TIN S I L

G TIN S I L

W NE

$719,900

G TIN S I L

$894,540

Fabulous Rebuilt 2011 Craftsman Style with beautiful details throughout! 5 bedrooms/4.5 baths, hardwoods, granite, SS appl, High ceilings, 1 garage, gorgeous lot! The 3rd floor is a great rec room better than a basement!

OAKTON

$323,000

G TIN S I L

LISA MOFFETT 703-517-6708 www.cbmove.com/FX8435698

ARLINGTON

Vienna

Mark Ackermann

(703) 524-2100

(703) 938-5600

Branch Vice President

Owned and Operated by NRT LLC

G TIN LIS

$478,900 Beautiful 2BR/2BA Hi-Rise Condo in Ballston!

Sunroom; Updated Kitchen, New Carpet, Walk in Closets!

Steps to Metro Station, Restaurants & Shops! So Close-So Convenient!

CLAY HUNTINGTON 703-786-1663 www.cbmove.com/AR8456823 OAKTON

$384,000

G TIN LIS

Beautifully updated 2.5 level Town Home. Loads of updates!

Ready to move right in! Walk, bike or bus to Vienna Metro.

VICKIE DZIUK 703-296-9376 www.cbmove.com/FX8459502

Kendra Wright

Branch Vice President

G TIN S I L

MARY KIMBALL 571-228-4107 www.cbmove.com/FX8471092

W NE

Sparkling 2-level end unit condo. Ready to move-in!

Updated kitchen & baths, Sunroom perfect for den or office space, Walk-in closet, Full size washer/dryer, Deck w/plenty of sun. The Oakton community is charming!

$429,900

Spectacular Opportunity Inside Beltway! Main level BR & full BA + 2 upper level BRs & full BA. Large addition - great space to reconfigure kitchen/bath/laundry. Covered front porch & rear deck plus shed/workshop. Wood floors, gas fireplace logs, replacement windows & much more.

W NE

Arlington-McLean CBregional.com

ANNANDALE

W NE

Lovely totally renovated, move-in ready, 5 bedroom (includes 2 master suites), 4.5 bath, 2 finished level, 4-car garage, customized home, w/4,416 sq ft living space on 1/2 acre lot. Inside the Beltway & close to everything!

W NE

New England Style Colonial perfectly sited on premium cul-de-sac lot featuring gleaming hardwoods, plantation shutters, closet organizers, updated appliances, remodeled master bath, vaulted family room ceiling w/brick fireplace.

SUSIE CARPENTER 703-906-6598 www.cbmove.com/FX8459822

LOCATION is the WORD!! All brick colonial, cul-desac - near shops, restaurants, parks, library, etc. Hardwd flrs throughout, 9’ ceilings, skylights, sunroom, large garage w/ workbench. Remodeled kitchen, 42” cabinets, s/s appliances.

cbmove.com/Vienna

www.insidenova.com

Single level living in this updated & expanded rambler. .52 acres in Vienna.

MICHAEL HULING 703-409-8296 www.cbmove.com/FX8464412

FAIRFAX STATION

$874,900

ICE PR

VIENNA

$1,099,990

www.CBregional.com

JODI BENTLEY 703-473-3784 www.cbmove.com/FX8452669

www.CBregional.com

$795,000

McLEAN

BILL EDDY 703-269-2324

SYLVIA DAVIS THOMPSON 703-628-8204 www.cbmove.com/FX8438637

JACKIE ZEITZ 703-269-2369

www.CBregional.com

ANNANDALE

W NE

Charming Cape Cod in Greenbriar. 4 br, 2 ba, beautifully maintained and updated.

McLEAN

$475,000

www.CBregional.com

$440,000

G TIN S I L

Gorgeous 4 Bedroom, 4.5 Bath Colonial. .52 acres backing to wooded parkland. Gourmet kitchen!

ANNIE THOMPSON 703-269-2340

www.CBregional.com

www.CBregional.com

$925,000

MICHAEL HULING 703-409-8296 www.cbmove.com/FX8458366

www.cbmove.com/FX8461779

$1,194,000

VIENNA

W NE

Beautifully updated home on private half-acre lot!

Updated KT & BAs, skylights, gorgeous HW flrs, sunsplashed rooms, new carpet/fresh paint. Deck overlooking wooded fenced yard. Chantilly HS pyramid.

Serene, peaceful & private w/easy Quality-crafted & meticulously cared-for Craftsman with fabulous BIG windows & 9 ft. ceilings on all three finished levels. Warm hardwoods throughout main level. Handsome doors lead from Family Rm. to inviting deck.

KEN TROTTER 703-269-2331

$635,000

CAROL KALINOWSKI 703-631-1393

www.cbmove.com/FX8469187

ARLINGTON

FAIRFAX

G TIN S I L

Spacious 3BR/3.5BA contemporary townhome with updated kitchen, loft, den, fireplace, hardwood floors, deck, patio, great landscape, and 1 car garage. Located in beautiful Pinecrest near public golf course, shops, and transit!

W NE

G TIN S I L

Beautiful remodeled home in a great location. Close to W. Falls Church and Dunn Loring Metro. Hardwoods on all four levels, large bedrooms, new kitchen with granite and stainless steel, new windows. To see is to love.

MARK GOEDDE 703-850-8129 www.cbmove.com/Vienna ALEXANDRIA

$589,800

October 9, 2014

OAKTON

Sun Gazette

22 October 9, 2014

Donna Moseley & John McNamara 703.623.5294

703.395.2908

6723 Whittier Ave, Suite 101, McLean, VA

703.319.3344 TTR Sotheby’s International Realty

Creighton Farms, Leesburg 7BR 8BA $4,000,000

Clifton Estate on 5 Acres

$2,995,000

Towlston Rd, McLean

Falls Church

$1,475,000

www.insidenova.com

Historic Home

North Arlington $2,199,000

Downtown McLean $1,888,000

Tysons Corner $988,888

Old Town Alexandria $895,000

Lorton,VA $849,900

Centreville $714,500

Lorton,VA $699,900

Lovettseville, VA $629,900

R CT DERA N U NT CO

Sun Gazette

$2,750,000

D

D

McLean $1,259,000

D

L SO

L SO

Reston $1,199,000

L SO

Fairfax $829,900

McLean $829,900

Jmcnamara@ttrsir.com Dmoseley@ttrsir.com

After four consecutive months of gains, existing-home sales slipped in August as investors paying in cash retreated from the market, according to the National Association of Realtors.

Sales increases in the Northeast and Midwest were outweighed by declines in the South and West.

Total existing-home sales, which are completed transactions that include singlefamily homes, townhomes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August from a slight downwardly-revised 5.14 million in July.

Sales are at the second-highest pace of 2014, but remain 5.3 percent below the 5.33 millionunit level from last August, which was also the secondhighest sales level of 2013.

Lawrence Yun, the National Association of Realtors’ chief economist, says sales activity remains stronger than earlier in the year, but fell last month as investors stepped away.

“There was a marked decline in all-cash sales from investors,” he said. “On the positive side, first-time buyers have a better chance of purchasing a

home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”

Yun adds, “As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”

The median existing-home price for all housing types in August was $219,800, which is 4.8 percent above August 2013.

This marks the 30th consecutive month of year-over-year price gains.

Total housing inventory at the end of August declined 1.7 percent to 2.31 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace.

However, unsold inventory is 4.5 percent higher than a year ago, when there were 2.21 million existing homes available for sale.

All-cash sales were 23 percent of transactions in August, dropping for the second consecutive month (29 percent in July) and representing the lowest overall share since December 2009 (22 percent). Individual investors, who account for many cash sales, purchased 12 percent of homes in Au-

McLean, VA

$1,575,000

McLean, VA

$460,000

R DE C T UNNTRA O C

gust, down from 16 percent last month and 17 percent in August 2013. Sixty-four percent of investors paid cash in August.

NAR president Steve Brown, co-owner of Irongate, Inc., Realtors in Dayton, Ohio, says a gradual decline in investor activity, many who pay in cash, is good for the market and creates more opportunity for buyers who rely on financing to purchase a home.

On the subject of mortgage financing, Brown adds, “Realtors applaud the recent policy change to eliminate post-payment interest charges on FHAinsured single-family mortgages.”

“The prepayment penalty placed an unfair and unreasonable burden on consumers who already face high housing and closing costs,” he said.

The percent share of firsttime buyers remained unchanged in August from July at 29 percent. First-time buyers have represented less than 30 percent of all buyers in 16 of the past 17 months.

Distressed homes – foreclosures and short sales – represented 8 percent of August sales, remaining in the singledigits for the second straight month and down from 12 per-

McLean, VA

cent a year ago. Six percent of August sales were foreclosures and 2 percent were short sales.

Foreclosures sold for an average discount of 14 percent below market value in August (20 percent in July), while short sales were discounted 10 percent (14 percent in July).

Properties typically stayed on the market in August longer (53 days) than last month (48 days) and a year ago (43 days).

Short sales were on the market for a median of 135 days in August, while foreclosures sold in 53 days and non-distressed homes typically took 52 days.

Forty percent of homes sold in August were on the market for less than a month.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the fourth consecutive month to 4.12 percent in August from 4.13 percent in July, and remains at the lowest rate since June 2013 (4.07 percent).

Single-family home sales slipped 1.8 percent to a seasonally adjusted annual rate of 4.46 million in August from 4.54 million in July, and are now 4.9 percent below the 4.69 million pace a year ago. The median existing single-family home price

$1,150,000

was $220,600 in August, up 5.2 percent from August 2013.

Existing condominium and co-op sales declined 1.7 percent to a seasonally adjusted annual rate of 590,000 units in August from 600,000 in July, and are now 7.8 percent below the 640,000 unit pace a year ago.

The median existing condo price was $213,900 in August, which is 2.1 percent higher than a year ago.

Regionally, August existinghome sales in the Northeast jumped 4.7 percent to an annual rate of 670,000, but remain 4.3 percent below a year ago.

The median price in the Northeast was $265,800, which is 0.8 percent lower than a year ago.

In the Midwest, existinghome sales increased 2.5 percent to an annual level of 1.24 million in August, but remain 3.9 percent below August 2013.

The median price in the Midwest was $173,800, up 5.9 percent from a year ago.

Existing-home sales in the South declined 4.2 percent to an annual rate of 2.03 million in August, and are now down 4.2 percent from August 2013.

The median price in the South was $186,700, up 4.7 percent from a year ago.

Vienna, VA

October 9, 2014

Investors Take Breather, Impacting U.S. Home Sales

23

$1,650,000

Call me now for more information about these and other great listings!

Janet Gresh

Realtor© in VA, MD, & DC

The Gresh Group

703.636.3588 SimplyYourBestMove.com Vienna, VA SO

LD

$1,260,000

Leesburg, VA SO

LD

$870,000

North Potomac, MD SO

$787,000

LD

www.insidenova.com

Sun Gazette

October 9, 2014

24

‘Coming Soon’ Listings Pose Challenges for Profession The National Association of Realtors recently published information for NAR members regarding advertising properties as “coming soon.”

Some “coming soon” advertisements involve unlisted properties which may or will be listed with a broker in the near future, while others relate to properties that are subject to listing agreements where property is available to potential purchasers only through the listing broker and not available, temporarily or indefinitely, for showing or purchase through other MLS participants. In either case, “coming soon” properties are commonly withheld from the MLS. “The first important step in advising a seller-client on whether to advertise a property as ‘coming soon’ is to identify

the client’s best interests, as defined by that client,” said National Association of Realtors’ general counsel Katie Johnson.

“Failing to act in the client’s best interest and failing to disclose the pros and cons of a limited marketing plan, such as ‘coming soon’ advertising, can violate state real estate license laws and regulations, MLS policies, and the Realtor Code of Ethics.”

For most sellers, getting the highest possible price on the best terms is their best interest, and maximizing exposure of their property to potential buyers advances that interest.

MLSs compile property information in an orderly manner and distribute that information to MLS participants who have buyer-clients actively seeking to purchase property in the

location served by the MLS. Restricting the marketing of a seller’s property to only small networks, private clubs, or even to national websites without also making it available to other area brokers and agents and their buyer-clients through the MLS limits that property’s exposure and consequently the seller’s ability to attract competitive offers.

“It’s important that sellers understand the implications of various ways of marketing the property so that they can knowingly determine the choice that best serves their interests,” said Johnson. “If a broker determines that ‘coming soon’ advertising is in the client’s best interest and confirms that the client understands the possible consequences, then it is imperative for the broker

to know the real estate license laws and regulations of their state to ensure that such advertising is in compliance. A broker who fails to comply with state laws and regulations risks facing disciplinary action from licensing authorities, as well as the possibility of litigation from unsatisfied clients.”

Many state license laws impose certain duties on licensees including the duties of care, loyalty, good faith, and honest and fair dealing. An unsatisfied seller could allege that a broker breached one of these duties if the broker did not seek to obtain the highest possible price for his or her client where the client didn’t understand that the marketing of the property might not achieve the highest price.

In addition to complying

with state license laws, brokers advertising a listed property as “coming soon” must ensure the advertising complies with their local MLS rules.

Consumers benefit from MLSs because MLSs help aggregate and evaluate numerous factors that can affect a property’s fair market value. MLS information facilitates appraisal preparation, comparative market analyses, and broker price opinions that help consumers ascertain a property’s fair market value.

Sellers often rely upon those valuations when setting listing prices, and buyers rely on them when making offers to purchase. Those valuations are useful when they include information about comparable properties, including sales prices and days on market.

National Sales of New Single-Family Homes Reach New Heights Sales of newly built, singlefamily homes increased 18 percent in August to a seasonally adjusted annual rate of 504,000 units in August, the highest level in six years, according to newly released data by the U.S. Department of Housing and Urban Development and the

U.S. Census Bureau.

“This jump in sales activity is in line with our latest surveys, which indicate builders are seeing increased traffic and more serious buyers in the market for single-family homes,” said Kevin Kelly, chairman of the National Association of Home

Builders (NAHB) and a home builder and developer from Wilmington, Del. “This robust level of newhome sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB chief economist David Crowe. “His-

www.insidenova.com

Sales were unchanged in the Midwest.

The inventory of new homes for sale edged up to 203,000 in August, which is a slim 4.8month supply at the current sales pace, according to the National Association of Home Builders.

1333 S Glebe Rd Arlington, VA 22204 List Price: $599,000

2012 Friendship Ln Falls Church, VA 22043 List Price: $699,000

9427 Talisman Dr Vienna, VA 22182 List Price: $790,000

1787 Dawson St Vienna, VA 22182 List Price: $795,000

9239 Vernon Dr Great Falls, VA 22066 List Price: $795,000

314 Westview Ct Vienna, VA 22180 List Price $925,000

1124 Savile Ln McLean, VA 22101 List Price: $2,200,000

318 Sinegar Pl Great Falls, VA 22066 List Price: $3,950,000

HALA ADRA

Sun Gazette

torically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward in 2014.”

Regionally, new home sales rose 50 percent in the West, 29.2 percent in the Northeast and 7.8 percent in the South.

Connecting the Real Estate World

LICENSED IN VA, DC & MD Top 1% Realtors Nationwide 1355 Beverly Rd. Suite 109 McLean, VA 22101

Call me today for an appointment

703-980-4041 hala.adra@LNF.com www.HalaAdra.com

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Committed to the highest level of service

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25 October 9, 2014

Your Trusted Advisor, Laurie Mensing

Great Falls

McLean

Alexandria

Reston

McLean

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Alexandria

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Sun Gazette

October 9, 2014

26

Realtor Q&A: Do Redskins Games Impact Open Houses?

Continued from Page 8 That can generate some conversations and keep people around. Twenty years ago, if the Redskins and Cowboys were playing at 1 on Sundays, you would never hold an

open house.”

Steve Wydler, Long & Foster: “I would say it mildly affects open houses.

With the owner’s permission, I’ll have the TV on if the Redskins are playing. There are so many other distractions, but the serious

shoppers are always there. The serious buyers will come out.”

Terry Belt, The Belt Team, Keller Williams: “When we hold open houses, the Redskins game does not deter us. Our area is so large and diverse now, there are

plenty of people that do not watch football, and the people that attend are often more serious because their need to find a home is more important, even if they watch football. Glass half,full.”

property like that is an anomaly. I would have to see the property and meet with the seller to see if that’s a good fit. A house wildly priced like that is a different market and it has to be marketed as such. Super-highend properties seem to march to the beat of their own drummer.”

Jack Shafran, Yeonas and Shafran Real Estate: “The price is really irrelevant.

I take a listing on my belief and ability to

sell the property on a case-by-case basis.”

Lilian Jorgenson, Long & Foster: “I think to take a listing like that you need to be specialized only in that caliber of properties to be able to represent your client to the fullest.”

Rob Ferguson, Re/Max Allegiance: “Absolutely. It’s great exposure. It will cost a lot to market, so you have to plan marketing a little differently. That is a very specialized

market, so you have to look at hitting the people who have that kind of money.”

Steve Wydler, Long & Foster: “A property of that level can be a huge undertaking, but it would be great exposure. You would have to have a good plan in place, and the agent would have to be on the same page as the owner.”

Realtor Q&A: Would You Take a Whopping $139 Million Listing?

Continued from Page 3 approach any listing, if you can justify that the price and data is right for that market and it makes sense, I would definitely take it. But if you are fighting upstream and the seller wants $100 million and it’s only worth $50 million, then I would defer. It’s no different from anything else.”

Billy Buck, Buck & Associates: “A

Eileen Summers 703.244.3190 Karen Washburn 703.598.2841

G

Twee Ramos 703.217.0200

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sprinGvAle rd, GreAt FAlls $1,199,000 T

www.insidenova.com

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Sun Gazette

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Commutes Among Main Reasons That Americans Move Among the 36 million people 1 year and over who moved between 2012 and 2013, 5 percent said the most important reason for moving was to be closer to work or for an easier commute, while another 8 percent cited the desire for cheaper housing, according to a report released by the U.S. Census Bureau.

The report, “Reason for Moving: 2012 to 2013,” presents an in-depth look at 19 reasons why people changed residences during the previous year and is the Census Bureau’s first on this topic since 2001.

The Current Population Survey began asking a comparable version of this question in 1999. The current report compares how these reasons have changed over time.

In 1999, 3 percent moved to be closer to work or for an easier commute and 6 percent wanted cheaper housing while 21 percent of respondents “wanted [a] new or better home/apartment.”

This reason declined to 15 percent in 2013 and was not statistically different from the “other family” reason, according to the survey results.

“We asked people to select the reason that contributed most to their decision to move. Picking one reason can be difficult as moves are often motivated by many different, and oftentimes competing, factors,” said the report’s author, David Ihrke, a demographer in the Census Bureau’s Journey to Work and Migration Statistics Branch.

“For instance, if one’s primary reason for moving is to be closer to work or having an easier commute, they may have to sacrifice other preferences,” Ihrke said.

“This could include forgoing cheaper housing options or settling for a different neighborhood. If they mainly want cheaper housing, they may have to deal with a longer commute,” Ihrke said.

In addition to presenting the specific reasons for moving, the report combines these reasons into four collapsed categories: housing-related (48 percent); family-related, such as a change in marital status or establishing one’s own household (30 percent); job-related (19 percent); and other (2 percent).

27 October 9, 2014

I N T E R N A T I O N A L

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FI N E P RO P E RTI E S

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October 9, 2014

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Virginia’s Leader in Luxury and International Real Estate | Over $97 Million Sold in 2013

6517 Old Dominion Drive McLean, VA 22101

1206 Raymond Avenue McLean, VA 22101 $1,699,900 Stunning center hall colonial built in 2009 offering 5 large en-suite bedrooms upstairs and 1 en-suite bedroom on main level. The Full walkout lower level features wiredready movie theater and wet bar.

The Ample rear yard includes a large deck, side and lower patio.

$1,299,000 NEW HOME ready for delivery with brick front, granite countertops, stainless steel appliances, luxury master bath. Finished basement with bedroom and full bath, recreation room, billiards area, and hobby room.

6609 Brawner Street McLean, VA 22101

8310 Wolftrap Road Vienna, VA 22182 $2,795,900 NEW high quality home by Master Builder George Sagatov. Custom molding, library built-ins, custom handcrafted cabinets, finished lower level with bar, media room, bedroom and bathroom. Covered porch with fireplace and step down to paver patio.

10102 Alsace Court Great Falls, MD 22066

$1,050,000 Conveniently located 2-car garage home within walking distance to Tysons Mall and near Silver Line Metro. Private rear yard oasis with Koi pond and professional landscaping. Upgraded kitchen, new roof and HVAC.

10610 Beach Mill Road Great Falls, MD 22066 $1,975,900 Stunning NEW home with end of September delivery featuring 3-car garage and huge front porch. High end appliances such as Subzero refrigerator and Wolf range. The walkout lower level includes a bar, media room, den, and rec room with fireplace.

$1,165,000 Stunning brick front colonial within walking distance to Great Falls Village Center. Hardwood floors throughout, updated kitchen with stainless steel appliances & granite. Updated European style luxury baths, built-in bookcases.

Walkout lower level to patio.

11326 Fox Creek Farm Way Great Falls, VA 22066

633 Utterback Store Road Great Falls, VA 22066

$2,495,000 Custom 4 level NEW home with 3 car garage in 9 lot cul-de-sac subdivision. Large family room features a stone fireplace, kitchen with marble counters, 48” Wolf stove, Sub-zero, stainless steel appliances. Guest room above garage with full bathroom.

811 Leigh Mill Road Great Falls, VA 22066

10306 Elizabeth Street Great Falls, VA 22066

$2,495,900 Custom brick estate home on private 3-acre lot with rear oasis, includes outdoor pool/spa, terrace & patio. Gourmet kitchen with stainless steel appliances.

Finished walkout lower level featuring media & exercise rooms, bedroom, and full bath.

511 Seneca Road Great Falls, VA 22066 $2,850,000 New Versailles Custom Home on 2-acre lot. Luxurious living space with high quality hardwood floors, tumble marble, plaster mouldings, a full detailed media room, lower level bar, paneled library, a large gourmet kitchen and opulent master bedroom suite.

$4,100,000 Spectacular gated state on 2+ acre lot, stunning marble foyer, hardwood floors throughout main level, gourmet kitchen with Wolf & Subzero appliances. 5 en-suite bedrooms. Lower level offers media room, cafe/bar & more.

$2,999,999 Finest home in Great Falls featuring a separate guest house.

Main floor boasts a $2 million renovation in 2008 by Ironworks.

This home includes outdoor living at its finest with pool, spa, outdoor kitchen, and pavilion with fireplace.

11403 Wild Bramble Way Reston, VA 20194 $1,148,900 Stunning home sited in private lot, gourmet kitchen includes granite center island with stainless steel appliances. Master suite with sitting room, luxury bath, & walk-in closests. 4 fireplaces, & completely finished walkout lower level rec room plus 2 bedrooms and full bath.

www.insidenova.com

Casey Margenau Fine Homes & Estates, Inc.

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Jane Webb 703.582.8381

Robert L. Fitton, II 703.577.1747

Valerie C. Elliott 703.217.5659

Lee Brady 703.801.0025

Ashley White 703.431.1705

www.margenau.com 703.827.5777